SLIB Handles Long Island Assisted Living Deal
A seniors housing campus on Long Island’s North Shore recently sold with the help of Dave Balow and Ryan Saul of Senior Living Investment Brokerage. The campus comprises Oyster Bay Manor, an assisted living community built in 1984, and Harbor House, a memory care community opened in 2001. Harbor House was the first of its kind to serve Alzheimer’s residents on Long Island. Additionally, there is an ancillary home healthcare agency that was established in 2014. Combined, there are 136 units and 208 licensed beds. Occupancy was around 84%, and the community operated at a 22% margin on $12.375 million of revenues. Its local owner/operator decided to sell to a private real estate investor with... Read More »
Newmark Reports Slew of February Deals
The Newmark seniors housing team reported an active February, with six investment sales and four significant debt transactions. First, outside of Chicago, the team sold Clarendale of Mokena, a 156-unit seniors housing community featuring independent living, assisted living and memory care services. The community was built in 2015 by Ryan Companies and operated by LCS, which was doing a great job with the community nearly full. Margins were also strong in the high 30s. It was sold as part of a very competitive marketing process, but pricing was not disclosed. Next, Newmark sold Residences of Thomas Circle, a seniors housing community at an irreplaceable site in Washington, D.C. It had... Read More »
Improving SNF Sells to Newer Skilled Nursing Entrant
A regional skilled nursing owner/operator divested one of its senior care facilities in western Nebraska after deciding to refocus its operational efforts in a more condensed regional footprint. The owner/operator engaged Michael Segal and Daniel Waldhorn of Blueprint to run the process. Built in 1960, Monument Rehabilitation and Care Center has 160 skilled nursing beds and 23 assisted living units. The facility is in Scottsbluff, the largest city in Nebraska’s panhandle, and is situated across from the only regional hospital within 30 miles. During the sale process, the outgoing operator significantly improved operations, primarily driven by increased census and improved quality... Read More »
AEW Capital Management Divests to Joint Venture
Berkadia Seniors Housing & Healthcare handled the sale and financing of The Sheridan of Green Oaks, which Town Lane and Arcole acquired, marking the joint venture’s fifth seniors housing investment in their inaugural $1.25 billion real estate fund. Built in 2016 by Senior Lifestyle Corporation, the Class-A community comprises 78 independent living, 64 assisted living and 56 memory care units in Lake Bluff, Illinois (Chicagoland). The joint venture will bring Solera Senior Living on to manage the newly acquired property. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare handled the sale on behalf of AEW Capital Management. Garrett... Read More »
Foundry Commercial Continues Its Expansion
Foundry Commercial has been an active acquirer this year, particularly in Florida. The company recently bought a seniors housing portfolio comprising three communities in Jacksonville, Titusville and Plant City, Florida, and two in Boynton Ridge and Warner Robbins, Georgia. It closed on the purchase of the three Florida assets in February, and on the Georgia assets in October. In a separate February transaction, it purchased two additional communities in Florida, in Tavares and Clermont. All seven of the Class-A assets offer assisted living and memory care services. The Jacksonville community, The Canopy at Duval Station, was built in 2022 by the seller, Rimrock Cos. of Lake City, and... Read More »Schedule a demo
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